[144] Snowflake Inc. SEC Filing

Rhea-AI Filing Summary

Stryker (SYK) 2Q 2025 10-Q highlights: Net sales grew 11.1 % YoY to $6.02 bn, led by MedSurg & Neurotechnology (+17 %) while Orthopaedics inched up 2 %. Constant-currency growth was 10.3 %. Gross margin rose 80 bps to 63.8 %, but operating margin slipped 90 bps to 18.5 % as acquisition-related amortization and inventory step-ups offset scale gains. Net earnings increased 7 % to $884 m; diluted EPS reached $2.29 (+$0.15).

Six-month view: Revenue advanced 11.5 % to $11.89 bn, yet net income fell 4.6 % to $1.54 bn and EPS to $3.98, pressured by SG&A (+19 %), $99 m inventory fair-value charges and $90 m impairments. The $4.81 bn Inari acquisition (Feb-25) lifted Vascular sales 42 % YTD, but cut cash to $2.38 bn (-$1.28 bn YTD) and pushed total debt to $16.58 bn (+22 %) after $3 bn of new notes. Goodwill jumped to $19.18 bn (+$3.33 bn). Operating cash flow strengthened 63 % to $1.36 bn on working-capital gains. Effective tax rate declined to 13.0 % (vs 17.3 %) due to disposition-related benefits. Spinal Implants divestiture closed in April; related assets removed and valuation allowance recorded.

Positive

• Revenue up 11.1 % YoY, with MedSurg & Neurotechnology accelerating 17 % and constant-currency growth 10 %.
• Vascular sales up 52 % QoQ as Inari acquisition contributes immediately.
• Operating cash flow rose 63 % to $1.36 bn, supporting liquidity.
• Gross margin expanded 80 bps to 63.8 %, mitigating cost inflation.

Negative

• Six-month diluted EPS fell 5 % despite higher sales, reflecting integration costs and margin pressure.
• Total debt jumped 22 % to $16.6 bn after $3 bn bond issuance, increasing leverage.
• Operating margin compressed 90 bps YoY; Orthopaedics growth only 2 %.
• Cash balance declined $1.3 bn YTD, and goodwill swelled to $19.2 bn, heightening balance-sheet risk.

Insights

Equity Research Analyst

TL;DR – Solid top-line beat, but margins diluted by acquisitions and higher leverage.

Double-digit revenue growth underscores durable procedure volumes and rapid integration of Inari, which already adds >4 pts to group sales. Gross margin expansion is encouraging, yet the 90 bp operating margin erosion and 19 % SG&A jump highlight acquisition costs and inflationary wage pressure. EPS growth trails sales (7 % vs 11 %), and six-month EPS is down, pointing to digestion phase. Cash generation recovered, but free cash was fully redeployed, leaving net leverage near 1.9× EBITDA. Management will need to realise cost synergies and restore margin trajectory for shares to rerate further.

Credit Analyst

TL;DR – Leverage rises; credit metrics weaken despite higher cash flow.

Debt ballooned to $16.6 bn after new multi-tranche issuance, raising gross leverage by roughly 70 bps. Cash fell $1.3 bn, but liquidity remains adequate with $2.9 bn unused revolver and improved OCF. Interest cover still healthy (>10×), yet goodwill now 41 % of assets, elevating impairment risk. Outlook hinges on smooth Inari integration and sustained mid-teens MedSurg growth to delever organically.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Class A	Fidelity Brokerage Services LLC 900 Salem Street Smithfield RI 02917	10000	2160000.00	333700000	08/01/2025	NYSE

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Class A	12/15/2017	Founders Shares	Issuer			10000	12/15/2017	Compensation

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
Christian Kleinerman 106 East Babcock Street Suite 3A Bozeman MT 59715	Class A	05/01/2025	10000	1680000.00
Kleinerman 2020 Dynasty Llc 106 East Babcock Street Suite 3A Bozeman MT 59715	Class A	05/22/2025	5000	1000000.00
Christian Kleinerman 106 East Babcock Street Suite 3A Bozeman MT 59715	Class A	06/02/2025	10000	2056700.00
Christian Kleinerman 106 East Babcock Street Suite 3A Bozeman MT 59715	Class A	06/10/2025	548	115058.08
Christian Kleinerman 106 East Babcock Street Suite 3A Bozeman MT 59715	Class A	06/17/2025	2975	618800.00
Christian Kleinerman 106 East Babcock Street Suite 3A Bozeman MT 59715	Class A	06/23/2025	2610	547760.70
Kleinerman 2020 Dynasty Llc 106 East Babcock Street Suite 3A Bozeman MT 59715	Class A	06/25/2025	5000	1125000.00
Christian Kleinerman 106 East Babcock Street Suite 3A Bozeman MT 59715	Class A	07/01/2025	10000	2188900.00

144: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What drove Stryker's Q2 2025 revenue growth?

Growth was led by MedSurg & Neurotechnology (+17 %) and the newly expanded Vascular business (+52 %) following the Inari acquisition.

How did the Inari acquisition impact financials?

Inari added ~$4.8 bn of assets, boosted Vascular sales, introduced $99 m inventory step-up and raised goodwill by $3.2 bn.

Why did operating margin decline despite higher sales?

Higher SG&A, amortization and acquisition-related costs outweighed scale benefits, trimming margin to 18.5 % (-90 bps YoY).

What is Stryker's current debt and cash position?

At 6/30/25 debt was $16.6 bn (vs $13.6 bn YE-24); cash and equivalents were $2.38 bn (vs $3.65 bn).

How did each segment perform in Q2 2025?

MedSurg & Neurotechnology revenue rose 17 % to $3.77 bn; Orthopaedics grew 2 % to $2.25 bn, with Knees +6 % and Spinal Implants virtually absent post-sale.